Why NeoGenomics Shares Are Trading Higher Today

  • NeoGenomics Inc NEO reported Q4 revenues of $138.71 million, +10.3% Y/Y beating the consensus of $129.97 million but aligned with William Blair estimates.
  • William Blair reiterated Outperform rating on the stock.
  • Clinical Services revenue was $108.2 million (+4%) (compared to William Blair's estimate of $109.3 million), driven by a volume of 278,089 and an average price of $389. 
  • Pharma Services revenue was $30.5 million. 
  • William Blair says the quarter showed strong underlying improvement, improved margins, and adjusted EBITDA (-$1.2 million versus our estimate of -$10.2 million). 
  • The analyst says that fourth-quarter results represent another data point that shows management is beginning to appropriately address the operational issues which plagued the company over the last several years. 
  • Outlook: NeoGenomics forecasts FY23 revenues Of $545 million - $555 million as against the $535.08 million estimate.
  • It sees the guidance as being set at an appropriately conservative level, coming ahead of expectations, and leaving room for potential upside from the clinical turnaround and RaDaR launch.
  • Price Action: NEO shares are up 21.8% at $16.27 on the last check Thursday.
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